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CFDs on Bitcoin.

// repository documentation

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# WARNING

> ⚠️ **Unmaintained: This project is unmaintained. We've continued the core idea of non-custodial trading with our new project 10101 here: https://github.com/get10101/10101/**

# WARNING

# ItchySats

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CFD trading on Bitcoin - non-custodial, peer-to-peer, Bitcoin only.

Trading on ItchySats is secured by DLCs (Discreet Log Contracts).
Here is some material to read up on DLCs and ItchySats' protocol implementation:

- [The ItchySats Roadmap](https://itchysats.medium.com/itchysats-roadmap-to-the-most-awesome-bitcoin-dex-464a42bf4881) which includes a simplified example of how the protocol works
- [Blogpost](https://comit.network/blog/2022/01/11/cfd-protocol-explained) by @luckysori of the COMIT team, describing the protocol in detail
- [DLC overview](https://bitcoinops.org/en/topics/discreet-log-contracts/) on Bitcoin Optech for information beyond ItchySats

## Installation

### Bitcoin/Lightning nodes

ItchySats is available on many DIY Bitcoin/Lightning node distributions:

- [RaspiBlitz](https://github.com/rootzoll/raspiblitz#feature-overview)
- [Umbrel](https://getumbrel.com/)
- [Citadel](https://runcitadel.space/)

### Desktop App

We package ItchySats as an Electron app for Windows and MacOS.
The latest release can be found [here](https://github.com/itchysats/itchysats/releases/latest).

### Homebrew (macOS)

We maintain a [homebrew](https://brew.sh/) tap with the latest version of ItchySats.

```sh
brew tap itchysats/itchysats
brew install itchysats
```

After the initial install, homebrew will take care of keeping ItchySats up-to-date.

### Mobile

ItchySats is not available as a full mobile app yet.
In the meantime, if you'd like to use ItchySats on-the-go, the best way is to install ItchySats on your bitcoin node and use
[Tailscale](https://tailscale.com/) or connect to your node via Tor.

## Quickstart: Users / Traders

This guide is for how to use ItchySats as a taker.
Currently, ItchySats does not officially support multiple makers.
Please note that trade execution is already fully peer to peer, but there is currently only one maker out there.
We are working on adding support for maker discovery and trading with multiple makers for a more competitive market.

To open a position:

1. Open ItchySats.
2. Unlock ItchySats by typing in the default password (`weareallsatoshi` - except for Umbrel, where it depends on its seed and is visible in the AppStore).
3. Choose your own secure password. Don't forget to store it securely; there's no way to reset it without removing the ItchySats database.
4. Transfer funds into the ItchySats wallet.
5. Open a `long` or `short` position - this will lock the funds in a multisig on chain.
6. Wait for the price to move.
7. Close the position - this will spend the locked up funds according to the price.

With the current maker you can close positions at any point in time.
Trades are limited to a contract size between `100` and `1000` contracts.

If the market maker is not available you can close by using an independent oracle attesting to the price.
Oracle price outcomes can be found [here](https://outcome.observer/h00.ooo/x/BitMEX/BXBT).

**Can't find what you are looking for? Check out the [👉 FAQ 👈](http://faq.itchysats.network).**

### ItchySats Wallet

ItchySats includes an internal wallet that is used to sign transactions during the DLC setup.
Additionally, when a CFD is closed, your payout is sent to an address owned by this wallet.
This wallet is completely under your control.
You can withdraw from the wallet at any time.

On Umbrel this wallet is derived from its app seed, so the only thing you have to back up is the Umbrel seed.

When running the binary / docker container a random seed will be used to derive the wallet.
Make sure to back up the `taker_seed` file that can be found in the data directory of the application.

### Safety

ItchySats is currently Beta software.
We are doing our best to make ItchySats stable, but there could be unexpected bugs that result in positions being closed at an unfavorable point in time.
Please be mindful of how much money you transfer to the internal wallet and how much you are willing to risk when opening a new CFD.

## Quickstart: Developers

To start the local dev-environment all the components can be started at once by running the following script:

```bash
./start_all.sh
```

Note: Before first run, you need to install all dependencies

- Protocol buffers compiler e.g. `brew install protobuf` // see https://docs.rs/prost-build/latest/prost_build/#sourcing-protoc for more details.
- CMake e.g. `brew install cmake`

The script combines the logs from all binaries inside a single terminal so it
might not be ideal for all cases, but it is convenient for quick regression testing.

Pressing `Ctrl + c` once stops all the processes.

The script also enables backtraces by setting `RUST_BACKTRACE=1` env variable.

The maker and taker frontend depend on the respective daemon running.

### Starting the maker and taker frontend

We use a separate react projects for hosting taker and maker frontends.

#### Building the frontends

The latest version of the built frontends will be embedded by `cargo` inside
their respective daemons and automatically served when the daemon starts.
Embedded frontend is served on ports `8000` and `8001` by default.

This means that it is highly recommended to build the frontend _before_ the daemons.

```bash
./build_frontends.sh
```

#### Developing frontend code

If hot-reloading of the app is required, frontend can be started in development mode.
Development frontend is served on ports `3000` and `3001` by default.

##### Taker

```bash
cd taker-frontend
yarn install
yarn dev
```

##### Maker

```bash
cd maker-frontend
yarn install
yarn dev
```

#### Linting

To run eslint, use:

```bash
cd maker-frontend && yarn run eslint
cd taker-frontend && yarn run eslint
```

## Contact

Feel free to reach out to us on [Twitter](https://twitter.com/itchysats), [Telegram](https://t.me/joinchat/ULycH50PLV1jOTI0) or [Matrix](https://matrix.to/#/!OSErkwZgvuIhcizfaI:matrix.org?via=matrix.org).

## Contributing

We encourage community contributions whether it be a bug fix or an improvement to the documentation.
Please have a look at the [contributing guidelines](./CONTRIBUTING.md).

itchysats

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